Choosing the right health plan can be a very confusing process to say the least. Now there is a fairly new type of plan that is compatible with a Health Savings Account or HSA Health Insurance for short.
A HSA Health Insurance can be set up and utilized in conjunction with an HSA compatible health insurance plan. Banks offer, set up and administer the Health Savings Account. Some insurance companies have agreements with banks who offer Health Savings Accounts and give you the option of signing up during the application process.
Insurance companies cannot dictate which bank you use. Before choosing a bank, be sure to research fees and interest rates as they can vary greatly from bank to bank.
Health Savings Accounts function similar to an IRA. An HSA Health Insurance compatible plan can be very different from a PPO plan or can also be very similar. All HSA plans and some PPO plans have a deductible which all covered medical services are subject and no copays for doctor visits or emergency room services. Both PPO and H.S.A plans will offer a coinsurance percentage of coverage after the deductible has been met. HSA Health Insurance plans have one main unique feature. All plans have ONE single deductible which needs to be met before any coverage applies. In the case of a single person being covered it is one single deductible. But if you are covering a family, it is still one single family deductible whether you are covering two or ten family members. For a PPO family plan you have individual deductibles that apply to each family member AND a family deductible that caps the annual deductible amounts to two or three times the individual deductibles.
HSA Health Insurance deductible amounts are set by the government and can change year to year. The single deductible options are lower than the family deductible options.
